SCHAUMBURG, ILL. AND MILWAUKEE, WIS. — Bloomfield Capital and Alpha Alternative have closed an $8.5 million senior bridge loan. The loan was used to purchase a discounted note from the existing lender on a 102,000-square-foot Class B office building in Schaumburg and a 34,000-square-foot Class B office building in Milwaukee. Bloomfield Capital was approached by Alpha Alternatives to create a bridge loan structure for the existing sponsor. That structure included funding a $6.6 million discounted note purchase plus additional funds for interest and renovation reserves, totaling $8.5 million. The sponsor required additional capital for tenant improvements and leasing commissions. The buildings averaged below 70 percent occupancy at closing.
LAKE ZURICH, ILL. —CNL Health Care Properties has acquired a community developed by Spectrum Retirement Communities, which will continue to operate the facilities. The purchase price was not disclosed. The community is an 86-unit assisted living and memory care community located in Lake Zurich, a northern suburb of Chicago. The community opened in 2014 and is 96 percent occupied. Orlando-based CNL is the 21st largest owner of seniors housing properties in the U.S. and Denver-based Spectrum is the 38th largest operator, according to the American Seniors Housing Association.
OMAHA, NEB. — NorthMarq Capital has arranged the $12.2 million refinancing of Spaces Apartments. The complex includes 154 units and is located at 501 Park Ave. in Omaha. The transaction was structured with a 10-year term and 30-year amortization schedule. Gary Rifkin of NorthMarq arranged the transaction.
CHICAGO — Associated Bank has closed a $7.7 million loan for the adaptive reuse of an office building located two blocks east of the intersection of Milwaukee and Ogden avenues in Chicago. Rockwell Partners/Chicago 925 Investment Partners LLC was the borrower. Rockwell is converting the office space into a 38-unit apartment building. Plans include expanding the building by two floors and renovating the street-level commercial space. Michael McGovern of Associated Bank managed the loan closing.
LOMBARD, ILL. — Lee & Associates has brokered the sale of two industrial warehouse and distribution properties in Lombard, approximately 20 miles west of Chicago. Capital Threshold LLC bought a 19,050-square-foot property from R & R Realty LLC. The property is located at 255 Cortland Ave. Jay Farnam of Lee & Associates represented the seller, and U.S. Asia Group represented the buyer. R & R Realty LLC bought a 40,896-square-foot property from Native Wholesale Inc. The property is located at 1101 N. Lombard Road. Jay Farnam of Lee & Associates represented R & R Realty. Transwestern represented the seller.
SOUTH ELGIN, ILL. — CBRE and Greywolf Partners Inc. have brokered the sale of a tenant-in-common owned 78,213-square-foot retail center. The Shops at Randall Road is located at 352 – 346 Randall Road in South Elgin, approximately 40 miles northwest of Chicago. Richard Frolik and Derrick Almassy of CBRE represented the ownership group in the transaction. Tenants of the Shops at Randall Road include T.J. Maxx, Petco, Pier 1 Imports and Lumber Liquidators. The development is shadow-anchored by Kohl’s and is 100 percent occupied.
YOUNGSTOWN, OHIO — The Opus Group has broken ground on a Gander Mountain retail store in Youngstown, approximately 70 miles southeast of Cleveland. Completion of the property is slated for February 2016. The 61,000-square-foot store is being built at the site of Gander Mountain’s former retail store that has been demolished. Opus Design Build LLC is the general contractor for both projects.
DETROIT — The Henry Ford Health System has begun planning a new $110 million cancer center as part of its $500 million expansion and improvement of 300 acres in Detroit. The 144,000-square-foot cancer center will be five stories and include a rooftop garden and skywalk to connect it to Henry Ford Hospital. Completion is slated for summer 2018. Site planning for the facility will be completed by the end of the year. Groundbreaking is slated for spring of 2016. The cancer center will anchor Henry Ford Hospital’s South Campus expansion project. The 10- to 15-year vision for the expansion project includes adding green space and commercial, retail and housing developments. Clinical and support services for each type of cancer diagnosis will be located on the same floor in the new facility, offering a multidisciplinary experience to patients. Surgery will continue to be performed at Henry Ford Hospital. The facility will be funded by internal and philanthropic support.
INDIANAPOLIS — Cushman & Wakefield / Summit Realty Group has arranged the sale of an 113,546-square-foot office portfolio located at 8935 – 9011 N. Meridian St. in Indianapolis. Keystone Realty Group sold Waterplace Park to Evergreen Investment Corp. Alex Cantu and Alison Melton of Cushman & Wakefield represented the seller. The property was developed in 1980 and is currently 69 percent leased. Tenants of Waterplace Park include Mid America Clinical Laboratories, Omnisource and GoldPoint Clinical Research.
DETROIT — Lear Corp. has acquired a historic six-story, 35,000-square-foot building located at 119 State St. in Detroit from Bedrock Real Estate Services for an undisclosed price. Lear Corp. has plans to turn the building in Capitol Park into an innovation and design center described as a “think tank.” The building was constructed in 1887 and originally housed Brown Brothers Cigar Manufacturers. Construction will begin soon, and the project is slated for completion in 2016.